Thu, Mar 30, 2017 | updated 08:10 PM IST

CBDT signs five unilateral advance pricing agreements with Indian taxpayers

Updated: Oct 27, 2016 18:13 IST

New Delhi [India], Oct 27 (ANI): The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers here today.

The agreements cover a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled services, exports and interest payment.

The agreements pertain to different industrial sectors like manufacturing, IT services, etc. The agreements provide certainty to the taxpayers for 5 years with regard to the covered international transactions.

With today's signing, the total number of APAs signed so far has reached 108. These include four bilateral APAs and 104 unilateral APAs since 2013-14.Of these, 44 APAs have been concluded in seven months of the current Financial Year itself.

The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014. The Scheme endeavors to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm's length price of international transactions in advance for a maximum period of five future years.

Further, the taxpayer has the option to roll-back the APA for four preceding years. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs) and more than 700 applications (both unilateral and bilateral) have been filed in just four years. (ANI)

New Delhi [India], Mar 30 (ANI): The Reserve Bank of India (RBI) on Thursday advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India.

Full Story >>

New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Axis Bank, India's third largest private sector bank, has announced a strategic partnership with Wells Fargo and Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). USA is one of the key corridors to receive remittances to India, which contributes to more than 30 percent of total remittance volume to India.

Full Story >>

New Delhi [India], Mar 30 (ANI): Adding special value and innovation to their existing product line up, India Yamaha Motor Pvt. Ltd. has announced the new variants of its range of motorcycles and scooters.

Full Story >>

New Delhi [India], Mar 30 (ANI): Carpet Export Promotion Council organized the 33rd Edition of India Carpet Expo from 27th to 30th March 2017 at Hall nos. 11, 12 and 12A Pragati Maidan, New Delhi, with an aim to promote the Cultural Heritage and showcase the weaving skills of Indian hand-knotted carpet artisans amongst the overseas hand-knotted carpet buyers.

Full Story >>

Tata launches Tigor, new sub four metre sedan

Updated: Mar 30, 2017 17:31 IST

New Delhi [India], Mar.30 (ANI): Tata Motors hase come out with an all new sub four metre sedan, Tigor, targeted at a younger car buyer.

Full Story >>

New Delhi [India], Mar 30 (ANI): Credit rating agency ICRA expects cement demand growth, which has been significantly impacted post demonetisation, to recover to around four to five percent during FY2018, driven by a pick-up in the infrastructure segment, mostly road and irrigation projects and the housing segment.

Full Story >>

New Delhi [India], Mar 30 (ANI): Honda Motorcycle and Scooter India on Thursday announced the launch of new 2017 edition of its youthful moto-scooter DIO with new style, colors, convenience and BS-IV and AHO compliance at Rs. 49,132 (Ex-showroom, Delhi).

Full Story >>

New Delhi [India], Mar 30 (ANI): India's most popular mobile app for transportation Ola BookMyShow, India's largest online entertainment ticketing platform on Thursday announced their exclusive partnership to enhance the entertainment experience of millions of users.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Leading Solar EPC player Vikram Solar Pvt. Ltd. signed a Memorandum of Understanding (MoU) with Israel's Water-Gen, a pioneer in air-to-water technology, to develop and introduce their path-breaking clean, hygienic drinking water solutions in the country.

Full Story >>

New Delhi [India], Mar 30 (ANI): Continuing with the new label launch spree in the month of March, India's leading fashion e-tailer, Jabong has announced the addition of yet another leading American high-street fashion wear brand, Aeropostale, to its product portfolio.

Full Story >>

New Delhi [India], Mar 30 (ANI): The Goods and Services Tax (GST) has received unprecedented support from all quarters as it is a simple system of taxation, under which various taxation rates will be merged into one with no cascading effect of taxation, said Revenue Secretary Hasmukh Adhia on Thursday.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Contrary to its previous announcement that was circulated with regards to banks being operational on April 1, the Reserve Bank of India (RBI) in a revised circular stated that all payment systems will be closed on the aforementioned date.

Full Story >>

New Delhi [India], Mar 30 (ANI): London Stock Exchange today welcomes the world's largest corporate Masala bond. The landmark bond issuance from Housing Development Finance Corp (HDFC), one of India's leading banking and financial services companies comes less than 12 months after HDFC's INR 30 billion (USD 450 million) debt issuance in London, the first ever Indian corporate to list a Masala bond.

Full Story >>

New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs. 250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).

Full Story >>

New Delhi [India], Mar. 30 (ANI): SBI Card, one of India's leading credit card issuers announced the launch of a credit card, 'SBI Card Unnati', targeted at all State Bank of India (SBI) customers, including Jan Dhan account holders, throughout the country.

Full Story >>

New Delhi [India], Mar. 30 (ANI): Metropolitan Stock Exchange of India Limited (MSEI), the third national level stock exchange is all set to conduct a mock trading session in equity, equity derivatives and currency derivatives segments on April 1, 2017.

Full Story >>

New Delhi [India], Mar 29 (ANI): Cloudatix Biz India Ventures Pvt. Ltd, a young research startup emerging as a Smart City Solutions provider and Mediaguru, a global media services company that specializes in the entire life cycle of digital asset management services, digitization and monetization, recently launched 'Startup Accelerator Program and Internet College'.

Full Story >>

Dong Nai [Vietnam]/Tokyo[Japan], Mar.29 (ANI): Vietnam is experiencing a rapid economic growth as customers' purchasing abilities have increased that leads to opening up of supermarkets.

Full Story >>

Rajya Sabha passes Finance Bill

Updated: Mar 29, 2017 17:58 IST

New Delhi [India], Mar 29 (ANI): The Rajya Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

Full Story >>

New Delhi [India], Mar 29 (ANI): G-20 Framework Working Group (FWG) in its third meeting at Varanasi held discussions over the state of the global economy as well asG-20 agenda on inclusive growth and reports on strong, sustainable and balanced growth and G-20 enhanced structural reform agenda among others.

Full Story >>